Govt approves raising money through IPO for RITESJanuary 10th, 2008 - 7:37 pm ICT by admin
New Delhi, Jan 10 (ANI): The Union Government today gave its approval for raising fresh equity through IPO (initial public offer) of ten million shares (face value of Rs.10 each) for RITES, a company under the Indian Railways.
After the IPO, paid up equity of RITES Ltd will rise from Rs. 40 million to Rs. 50 million and the Governments holding in the company will be reduced to 72 percent.
RITES Ltd. has entered in newly emerging business of concession of existing railway lines, build-operate-transfer (BOT) of rail and infrastructure project, leasing of rail equipment.
The IPO will facilitate raising funds for investment for these projects. (ANI)
Tags: 50 million, concession, face value, governments, indian railways, infrastructure project, initial public offer, ipo, New Delhi, project leasing, railway lines, raising money, rs 40, rs 50, union government